■AVIATION
Mitsubishi gets jet orders
Mitsubishi Heavy Industries, the company developing Japan’s first ever passenger jet, said yesterday it had received an order for up to 100 planes from US carrier Trans States. Mitsubishi said it had signed a letter of intent with Trans States Holdings for the big order, of which 50 were confirmed and the remainder options. “This is a very proud moment for us,” Hideo Egawa, president of Mitsubishi’s aircraft division, told a news conference.
■AVIATION
Alliance faces anti-trust risk
EU regulators said that a trans-Atlantic alliance between British Airways, American Airlines and Iberia may break antitrust rules. A European Commission statement on Thursday said it had sent charges to the three companies, warning they may violate rules that forbid companies striking deals that shut out rivals. It said the charges involved the three airlines’ oneworld alliance, which shares flights between the EU and the US.
■BANKING
Bank mulls short-term CEO
Bank of America Corp’s board of directors is considering hiring a short-term chief executive, a move that signaled CEO Kenneth Lewis’ plan to depart had caught the bank flat-footed. The bank said on Thursday it might hire a CEO for two years, allowing internal candidates more time to grow into the job. But that decision sends a worrisome message to investors who are looking for stability at the embattled Charlotte, North Carolina-based bank and are weary after more than a year of crises. The bank’s stock sank 4.2 percent to US$16.21 on Thursday.
■BANKING
Citigroup, tycoon settle
Citigroup said yesterday it had reached a settlement with a prominent Singapore tycoon who claimed he lost S$1 billion (US$710 million) on deals because of the bank’s negligence. The US banking giant declined to give details about the out-of-court settlement it reached with Oei Hong Leong (黃鴻年), but said the tycoon would drop his lawsuit against the firm. Oei, one of Singapore’s richest individuals, alleged that the bank painted an inaccurate picture of his trading exposure in the financial markets, which led him to make decisions that ultimately caused him to lose the money.
■BANKING
CIT restructuring debt
Struggling CIT Group is launching a debt restructuring effort it hopes will trim at least US$5.7 billion from its balance sheet, but is also asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for bankruptcy protection. New York-based CIT Group Inc is one of the US’ largest lenders to small and midsize businesses. It has been devastated by the downturn in the credit markets and is attempting to restructure its operations to remain in business.
■FINANCE
Ford Credit sells portfolio
The Australian lending arm of US auto giant Ford Motor has sold A$1 billion (US$869 million) in car loans and leases to investment bank Macquarie Group, the companies said. Ford Credit Australia, which said in January it would stop providing new retail loans but would maintain its portfolio, confirmed yesterday it had offloaded the portfolio to Australia’s biggest investment bank. Macquarie said late on Thursday it had bought A$1 billion in loans and leases from a leading Australian automotive financier, but did not name the credit company.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique